Regional insurance technology (insurtech) provider Igloo plans to introduce its blockchain-based parametric index insurance to coffee farmers in the Philippines.
Regional insurance technology provider Igloo plans to introduce its blockchain-based parametric index insurance to coffee farmers in the Philippines.
“Weather Index Insurance is a product that we introduced in order to protect farmers and communities across Southeast Asia from unforeseen climate hazards. While initially introduced for rice farmers, we’ve seen from its success the product’s scalability to cover other sectors like coffee farms, which is one of the robustly growing segments in the region,” he said.
Berta also noted that while there are several insurance products on the market for coffee farmers, “they share a common problem of incompatibility with the real, frequent risks faced by coffee farming families.” Berta said the Weather Index Insurance eliminates the need to individually verify claims thereby reducing transaction costs and enabling faster payouts to farmers.
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